Huntington field to resume production at reduced rate

Iona Energy Inc. has been informed that a temporary approval has been granted to resume production at a reduced rate at the field. The field is now on stream and Iona estimates average daily production net to the Company will be approximately 1,000 barrels of oil equivalent per day whilst operating under the current restriction.

The field will not be running at full production until the CATS system has been restored and early indications from the CATS Operator suggests that normal operations at the system will not commence until the end of January at the earliest.